Question
Stephenson Corp. is a wholesaler of imported products. The company had the following opening balances at January 1, 2020: Accounts receivable (normal balance) $248,000 Allowance
Stephenson Corp. is a wholesaler of imported products. The company had the following opening balances at January 1, 2020:
Accounts receivable (normal balance) | $248,000 |
Allowance for doubtful accounts (normal balance) | $29,760 |
During 2020, the company had the following summary transactions:
a. Sales on account, $2,693,000; cost of goods sold, $1,212,000
b. Sales returns and allowances, $54,000; Cost of goods returned to inventory, $24,000
c. Cash collected on outstanding accounts receivable, $2,478,000
d. Write offs of accounts receivable deemed uncollectible, $37,200
e. Collection of accounts receivable previously written off as uncollectible, $3,300
f. After considering all of the above transaction, total estimated uncollectible accounts is $45,000
Record all of the above transactions and then answer the questions that follow.
All fill in the blank should be entered with no dollar sign, commas, periods or any other marks. Just enter the number
Question 32 (2 points) If no The dollar amount of the entry to record transaction (f) is $ entry was required enter ZERO (O). Question 33 (2 points) The balance in accounts receivable at December 31, 2020, after all transactions, is $ A Question 34 (2 points) The balance in allowance for doubtful accounts at December 31, 2020, after all transactions, is $_ A Question 35 (2 points) The balance in bad debt expense at December 31, 2020, after all transactions, is $ AStep by Step Solution
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